Majid Al Futtaim to invest US$ 3.73 bn building two malls in Riyadh

Posted on 9th February 2016

Majid Al Futtaim is set to invest $3.73 billion (SAR14bn) building two malls in Saudi Arabia's capital Riyadh.

The 300,000 sqm Mall of Saudi, which Majid Al Futtaim said would be the Kingdom's largest, will feature shops, restaurants, entertainment, offices, hotesl and residential units.

It will also boast Saudi Arabia's first indoor ski slope, according to Constructionweekonline news report.

The Dubai-based company said work will commence on the mall in mid-2017, with the first phase expected to be completed by 2022.

Meanwhile, the second mall - City Centre Ishbiliyah in the eastern part of the capital - will be spread over 100,000 sqm and will feature 250 shops.

No construction schedule was unveiled for this mall.

Majid Al Futtaim, which rivals Emaar Malls as Dubai's top mall operator, reported an 8% rise in annual revenue last week.

No net profit figures were disclosed.

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